Flight Centre founders to retain control

Flight Centre Ltd's founders and major shareholders have
reaffirmed their intentions to retain control of the company after
reducing their combined share holding last week.

The five founders, which made a failed bid with private equity
firm Pacific Equity Partners to privatise the travel agency in
February, reduced their combined holding to 56 per cent following
the off-market sale of 1.75 million shares last week.

Managing director Graham Turner said the sale was in line with
the founders' stated intentions, flagged during the privatisation
proposal, to achieve liquidity for part of their holdings, while
maintaining control of the company.

"While the founders may occasionally choose to reduce their
individual holdings, as has been the case historically and in
accord with their personal circumstances, we do not anticipate any
significant change in ownership or control of FLT," Mr Turner
said.

Flight Centre's founders held more than 70 per cent of the
company's shares when it listed in 1995 and have reduced their
holding in a series of transactions over the past 12 years.